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May 14, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Minnetonka, Business Loans > First Minnesota Bank Minnetonka Business Loans > Marketing Consulting Services Loan | ||||
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Minnesota SBA Loan from First Minnesota Bank
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Business Loan from First Minnesota Bank Given to Marketing Consulting Services CompanyAn SBA loan from First Minnesota Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Eden Prairie, Minnesota business owner got a $200,000 loan. This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with First Minnesota Bank, out of Minnetonka, Minnesota. The loan was granted and they received $200,000 to help grow their Eden Prairie, Minnesota business. SBA Loan Borrower COMPANY TYPE: MARKETING CONSULTING SERVICES SBA Loan Lender FIRST MINNESOTA BANK This lender processed this SBA loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 541613 - Marketing Consulting Services Loan Approval Date 8/3/2004 Loan Approval Gross Amount $200,000 Loan Approval from the SBA Of the total $200,000 loan amount, the SBA guaranteed $100,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. The SBA loan application for the borrower indicated that the loan would help retain 15 existing jobs. Start the Process for Getting an SBA Loan Today! SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Role of Business Plan When Raising Money SBA Participating Banks in Minnetonka, Minnesota
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